Singapore, 7 Dec 2023 – Bitsmedia, the creator of the widely popular Muslim lifestyle application (app), Muslim Pro, has successfully secured US$20 million in its Series A funding round. This funding round saw participation from Asia-focused venture capital firm, Gobi Partners, alongside continued support from existing investors – CMIA Capital Partners, and Bintang Capital Partners.
The newly injected funds will be dedicated to advancing Artificial Intelligence (AI) capabilities, enrich content offerings on Bitsmedia’s streaming platform, Qalbox, continuously develop educational features, and improve the Quran experience within Muslim Pro.
Nafees Khundker, Managing Director of Bitsmedia, said, “Nurturing Bitsmedia’s growth and global footprint while serving the needs of our global Muslim community remains central to our vision. This investment is a testament to our commitment to pushing the boundaries of innovation and expanding our reach into key international markets such as the US, UK, Indonesia and Malaysia, as well as new territories within the Gulf Cooperation Council (GCC) countries.”
Fara Abdullah, Chief Executive Officer (CEO) of Bitsmedia added, “Our vision for Muslim Pro is to evolve into a comprehensive platform that meets the diverse needs of the Muslim community. This marks the beginning of our commitment to enhance the Muslim experience and drive deeper connections in their lives.”
Gobi Partners, an Asia-focused venture capital firm with US$1.6 billion in assets under management (AUM), champions entrepreneurship across emerging markets. Their investment in Bitmedia is in line with the firm’s overarching “TaqwaTech” investment thesis, which focuses on identifying and supporting growth companies that use technology for purpose-driven innovation to meet the needs of Muslim consumers, businesses, and communities around the world.
Jamaludin Bujang, Managing Partner of Gobi (Malaysia), said: “At Gobi, our mission is to break barriers, level the playing field, and provide access for all. Over the years, we’ve identified a 1 significant market opportunity in underserved digital needs within Muslim communities. Our investment in Bitsmedia underscores our commitment to TaqwaTech.”
CMIA Capital Partners and Bintang Capital Partners have continued to collaborate with Bitsmedia since their initial investment in 2017, witnessing its evolution from a community app centered around the Quran, Qibla, prayers times and other utility features to a platform that now incorporates lifestyle, knowledge, and community-focused services.
Lee Chong Min, Managing Partner of CMIA Capital Partners said, “We see significant growth opportunities within the 2 billion-strong global Muslim community for Bitsmedia. Given its initiatives to leverage technology for community benefits, such as Qalbox’s content streaming service and the upcoming integration of AI, we are confident in Bitsmedia’s continued upward trajectory.”
Johan Rozali-Wathooth, Founder and CEO, Bintang Capital Partners said, “Bintang has clear impact objectives for our recent investment in Bitsmedia: to champion digital inclusivity for Muslims, foster stronger global ties through educational content about the Muslim world, and create high-value employment opportunities through the growth of Bitsmedia’s business. We hope to welcome Bitsmedia into the global B Corp community in the near future.”
Nafees added, “The latest funds infusion, in collaboration with the industry’s best investors, puts us on the right track to achieving our vision of becoming the ‘Digital Home for All Things Muslim’.”
Headquartered in Singapore, Bitsmedia is recognized for its flagship product, the Muslim Pro app, which has amassed over 150 million downloads globally.
Founded in 2009, Bitsmedia is a leading tech company at the forefront of connecting faith and technology for the global Muslim community, serving as the digital home for all things Muslim.
Their flagship product, the Muslim Pro app, is the world’s most popular Muslim lifestyle app, with more than 150 million downloads across 190 markets. In July 2022, they launched Qalbox, a global content streaming service, celebrating Muslim identities and cultures. Headquartered in Singapore, they also maintain a local office in Kuala Lumpur, Malaysia.